EB-5 extended through mid-December

Miami /
Sep.September 30, 2015 05:15 PM

From the New York website: The EB-5 visa program, a vehicle for foreign investment in some major Miami real estate developments, received a last-minute reprieve on Wednesday, after the U.S. Senate passed a temporary spending bill that will keep the government  and the program  operating through Dec. 11.

EB-5 was set to expire Sept. 30 but a stopgap bill introduced last week will keep it afloat for the next few months. The White House and House of Representatives are expected to approve the legislation.

Outright renewal of EB-5  a program that has been utilized for projects ranging from Jeff Berkowitz’s SkyRise Miami to Tibor Hollo’s Panorama Tower and the Hotel Astor in Miami Beach  will be delayed until the end of the year or early 2016.

Meanwhile, changes are looming for the program, which grants green cards to investors in exchange for an investment of $500,000 in areas with high unemployment and $1 million in other areas. Stakeholders believe the investment amount could go up to between $800,000 and $1.2 million. Other regulatory changes are also being debated.  [Crain’s and NYT] – E.B. Solomont

 

Related Articles

arrow_forward_ios
Triton Center (iStock)

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit
Harbourside Place in Jupiter

More EB-5 investors allege fraud at Jupiter development

More EB-5 investors allege fraud at Jupiter development
Daily Digest Miami

Moishe Mana sells Hibiscus Island home for $12M, CitizenM scores $48M loan to build Brickell hotel

Moishe Mana sells Hibiscus Island home for $12M, CitizenM scores $48M loan to build Brickell hotel
Glenn Straub and the Palm House Hotel

Glenn Straub loses appeal on Palm House sale

Glenn Straub loses appeal on Palm House sale
Robert Matthews and Palm House Hotel

Embattled Palm House developer Robert Matthews agrees to federal securities charges

Embattled Palm House developer Robert Matthews agrees to federal securities charges
Academica founder Fernando Zulueta and rendering of Somerset Academy Parkland (Credit: Blue Ridge Rendering)

Parkland charter school scores $15M in EB-5-backed financing

Parkland charter school scores $15M in EB-5-backed financing
Hotel Astor (Credit: Groupon)

Financially troubled Hotel Astor in Miami Beach listed for sale

Financially troubled Hotel Astor in Miami Beach listed for sale
Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...